Brookland buys development site on Brooklyn’s Fourth Avenue

Brookland Capital plans to build a new residential and retail development after acquiring a site on the border of Park Slope and Gowanus.

The Brooklyn-based firm snagged the spot along the rapidly developing thoroughfare for $7.4 million and will erect a 13-story tower, the New York Observer reported. The property, assembled from five lots, is located at 550-554 Fourth Avenue at the corner of 15th Street.

The property can accommodate more than 42,000 square feet of residential space and about 3,200 square feet of retail facilities, according to TerraCRG. Including additional space for community facilities, the price penciled out to $195 per buildable square foot, according to TerraCRG’s website. [NYO] – Tom DiChristopher